Brazilian Education Company Kroton Educacional Increases Offer for Merger With Estácio Participações

MORE REALS: Brazilian education companies Kroton Educacional SA and Estácio Participações have agreed to a merger after an increase in the offer from Kroton, the Wall Street Journal reports. Kroton will give 1.281 of its own shares for each Estácio share and pay 420 million reals ($125 million), an increase of nearly 250 percent from the original BRL 170 offer, according to the Journal. Kroton would hold 80.8 percent of the merged company, with Estácio shareholders owning the rest. The merger is subject to approval by shareholders and Brazilian antitrust agencies.

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